Major iPhone installers for Apple Inc. were among 16 companies that won approval to produce products in India under a plan aimed at attracting investments of more than 10.5 trillion rupees ($ 143 billion dollars) during the next five years for smartphone production.
Ragini Saxena and Swansy Afonso for Bloomberg News:
Apple̵7;s primary suppliers – Foxconn Technology Group, Wistron Corp., Pegatron Corp. and Samsung Electronics Co. was among a list of global companies cleared by India’s Ministry of Electronics and Information Technology, according to a statement on Tuesday. About 60% of total production, or 6.5 trillion rupees, is expected to be exported over the next five years.
India is trying to entice the world’s largest smartphone brands to make their products locally for global export with its Production Linked Incentive program, which signs plans to grow the manufacturing industry every year. Following clashes with China along the disputed border with the Himalayas earlier this year, New Delhi is seeking companies seeking to diversify production bases from China, as a growing global trade war and the Covid-19 pandemic have focused on supply chain risk thinking.
MacDailyNews Take: Spreading iPhone assembly outside of China to India and other countries is smart business. Spread the eggs in many baskets, Apple![Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
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